Cornerstone Capital Of NY Secures $4.2M Refinance Loan For Turtle Bay Multifamily Property

The property involved in this transaction is a multifamily asset located at 323 East 52nd Street in Turtle Bay. The property spans approximately 8,905 square feet and consists of four units.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $4,200,000
• Address: 323 East 52nd Street
• Market: Turtle Bay
• Size: 8,905 square feet
• Units: 4

The landlord in this transaction is Christopher Jenkins. The brokers who facilitated the deal were Russell Nova and Alexander Nemirovskiy from Cornerstone Capital Of NY.

In terms of financing, a refinance loan of $4,200,000 was secured with the following terms: a 10-year fixed rate of 3.65% and a 30-year amortization schedule.

Cornerstone Capital of NY financed this "Broken Condo" property. Two of the four units were already sold, and the remaining two were on the market. Rather than reducing the price, the sponsors approached Cornerstone Capital of NY to secure long-term debt for the remaining units. This type of loan is referred to as a Condo Inventory Loan, which offers a more favorable interest rate compared to typical options. The loan has a 10-year term with a 3.65% interest rate and a 30-year amortization period.

It is worth noting that the sponsors sought this financing solution in order to weather the storm and have the flexibility to sell the remaining units at their own pace. The expertise and relationships brought to the table by Russell Nova and Alexander Nemirovsky from Cornerstone Capital of NY played a crucial role in this transaction.

Contact information for the brokers involved:

• Russell Nova, Principal
  Phone: 917-559-1820
  Email: [email protected]
  Website: www.csg-ny.com
• Alexander Nemirovsky, Credit Manager
  Phone: 347-751-5232
  Email: [email protected]
  Website: www.csg-ny.com